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‘Institutions and Whales Ate Big Today’, Says Analyst As Bitcoin Bounces Above $40K

'Institutions and Whales Ate Big Today', Says Analyst As Bitcoin Bounces Above $40K


On Wednesday (May 19), shortly after falling as low as $38,520 on Bitstamp, the Bitcoin ($BTC) price managed to bounce back above the psychologically important $40,000 level.

According to data by TradingView, on crypto exchange Bitstamp, the Bitcoin price, which had started the day (i.e. 00:00 UTC on May 19) at $43,037, fell to the intraday low of $38,520 by 7:15 UTC, reaching levels last seen on February 7, the day before Tesla disclosed that it has invested $1.5 billion in Bitcoin.

That’s when Bitcoin started rallying and by 7:41 UTC, the Bitcoin price managed to get back above the $40K level.

One-Day BTC-USD Chart (Bitstamp) by TradingView

According to data by TradingView, currently (as of 09:47 UTC on May 19), Bitcoin is trading around $40,161, down 10.73% in the past 24-hour period.

Popular New Zealand based crypto analyst Lark Davis had this to say about Bitcoin’s recent price action:




crypto analytics firm IntoTheBlock explained using on-chain data where the selling was coming from:

And Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) recommended to his followers on Twitter to avoid over-trading and try HODLing instead to avoid losses:

According to data by Bybt, as of 10:00 UTC on May 19, in the past 24-hour period, nearly $919 million in BTC positions were liquidated across crypto derivatives exchanges.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Featured Image Credit

Photo by “SnapLaunch” via Pixabay





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BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

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